The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-25
CONDITION OF THE MARKETS
A Bearish Feeling in Wheat Causes a De-
cline in the Early Part of the Day,
But Rally Occurs in the Afternoon and the
Market Closes Steady-Corn Quiet and
Easier-ProvisiOns Steady and Quiet.
MONEY, BONDS AND STOCKS.

The New York Market Almost Thrown Into a
Pauic by a 'sBear" Raid.
NEW YORK, June "a Money on call loaned
at from per cent. per annum to sic per cent.
and interest per diem. the last loan being made
at 6 per cent. closing at IL per cent. BID.
Prime mercantile paper, "a per cent.
Sterling exchange was heavy at "a. SO for sixty
day bills. and 81 SAT for demand.
The total sales of stocks to-day were 667, $40
shares, including the following: Canada South
err, So, $50; Delaware, Lackawanna 81 Western,
80 GO; Erie. $4,000 Kansas q Texas. 9.790;
Lake Shore. Is, 800; Louisville g. Nashville,
1880; Missouri Pacific, 1895: Northwestern,
1875; New Jersey Central. 6.s7o; Northern
Pacific, $500; Northern Pacific preferred, 3,Ol0;
Oregon Trsnscontinental, $780, Pacific Mail
IL, $50; Reading. 1872, COS; ST.. Paul. $4,000; St
Paul 81 Omaha. 3.925; Texas Pacific, H. 740
Union Pacific. ri. 600; Western Union, 593l3
Wheeling a. Lake Erie. 800
The stock market subjected to-day TO ope
OF the heaviest drives ever known in its history,
and, although its duration was short, about an
hour and half, the depression caused in prices
during that time was something unprecedented.
The market. early in the morning. gave no indi
cation of anything unusual. and, although prices
were heavy. the same quiet business usual of
late was transacted. Suddenly, shortly after IL
o'clock, the attack was begun, the Gould stocks
being the particular object Of attention. Man
haitian quickly marked down from 1861 to
ll5, Missouri Pacific from 1054 to 80, and West
ern Union from 1853 To 674 Rumors were circu-
lated. at the same time of disagreement be-
tween Messrs Could Field and Sage. and later
this was followed by reports of the death of the
frst-named gentleman. The money market was
not neglected. but rates were marked mp to SIG
and interest A tremendous selling movement
began, which soon became panic. and fluctus
tions were no longer confined to fractions Dot
prices dronped In some cases and per cent at
n time. The stories in regard to Mr. Gould soon
met with denial, and even professional bears
were influential in stopping the wild sales of
securities. Other rumors which had been set
nfoat were disproved. and liberal buying soon
turned the tide Of affairs. free recovery fol-
lowed in all except q few of the consp1cuously
weak stocks. among which Manhattan and Rich
mond Il West Point were most conspicuous
The specialtIes were not sharers to any great
leading speculative stocks of the day. The
opening was quiet and firm TO strong
first prices generally showing ad-
vance. Of from n1o.a. s 60 per cent cent
stocks not notlceably heavy. though the de-
clines for the first hour were confined to less
than l per cent, while the remainder or the
market was Irregular with narrow fluctuations.
The market gave indications of hrmness when
the great drive was made. when every thing
gave way with rush. the sales for the succeed
Ing hour being something enormous, about 30O,-
600 shares The worst of the decline was over
by noon. but further progress was made in mary
stocks, and a recovery was not fairly under way
before p. NJ The advance was marked by
large decrease in activity. and in the neighbor
hood of l o'clock the market again subsidized into
midsummer dullness. There was more trading
later, however, and the market fuctuated fire.
quently. the general tendency, however. being
upward. AT the close IL was still unsettled
but generally firm The total business for
the day the largest for day SO
far this year, amounting to 667,970 shares.
The entire active list is lower, and
Manhattan is down 2lA per cent; Denver pre-
ferred. %: Richmond 81 West Point and North
western, q; Western Union. p: Missouri Pacif
TO- 2s: Texas Pacific. IL; Colorado Coal. !; Lake
Erie e. Western preferred II; Oregon 81 Trans
continental. III: New England, Ii: Reading, LII
Wheeling g. Lake Erie, 2, ard others fractional
amounts.
The trading In railroad bonds unaffected
by the fluctuations in stocks. although prices
were generally heavy, and the Atlantic 81 Pacific
Incomes, the leading speculative bond of the
day, was specially active, contributing $248,000
to the days total of 81 029 900. The market was
heavy throughout the day. ana closing prices
generally show declines Illinois Central three
And-a-hafs ara down q, at 95A; Texas Pacific
iReome receipts. 81. at 56A: Wabash general re-
ceipts. 81, at SO; Great Western seconds, 81, at
103. and Mobie 81 Ohio first debentures 81, at 81
Government and State bonds were dull and
steady. Closing quotations We're: